GOYANG, Dec. 16 (Korea Bizwire) – The Grand Department Store in Ilsan, Gyeonggi Province, will permanently close its doors at the end of February, marking the final chapter for a retail chain that once maintained a significant presence in South Korea’s upscale shopping districts, including Seoul’s Gangnam area. According to industry sources on December 15, the [...]
SEOUL, Dec. 13 (Korea Bizwire) – Amid growing geopolitical and economic uncertainties, including escalating U.S.-China tensions and the anticipated inauguration of Donald Trump’s second term, South Korea’s major corporations are conducting high-level strategy meetings to fine-tune their business plans for 2024. Samsung Electronics to Focus on Core Competitiveness Samsung Electronics will host its biannual Global [...]
SEOUL, Dec. 13 (Korea Bizwire) – A new analysis has revealed that Japan stands as South Korea’s strongest competitor in global exports, with the two countries sharing nine out of their top 10 export items. According to a report titled “Analysis of Global Competition Trends in Top 10 Export Items” released by the Korea Trade-Investment Promotion [...]
SEOUL, Dec. 13 (Korea Bizwire) – South Korea’s overseas direct investment fell for the third consecutive quarter in the July-September period amid uncertainties in the global economy and geopolitical risks, the finance ministry said Friday. Investments made by South Korean companies overseas totaled US$14.19 billion in the third quarter, down 6 percent from $15.1 billion [...]
SEOUL, Dec. 13 (Korea Bizwire) – With South Korea’s bottled water industry facing growing competition, Coca-Cola Beverage is making its bid for the premium segment with a new product launch, adding another player to an increasingly crowded market where longtime leader Jeju Samdasoo has seen its market share slip below 40%. Coca-Cola announced on December 12 [...]
SEOUL, Dec. 13 (Korea Bizwire) — The transport ministry said Friday it will conduct a flight demonstration of a commercial-level air taxi model this week as part of a government project to introduce the urban air mobility (UAM) industry in the country. The ministry will demonstrate the operation of the S-4 model built by U.S. [...]
SEOUL, Dec. 13 (Korea Bizwire) — Unionized workers of the state-run Industrial Bank of Korea (IBK) have voted to stage a general strike later this month over failed wage negotiations with the management, union officials said Friday. More than 80 percent of the unionized workers at the policy lender voted Thursday to stage a general [...]
SEOUL, Dec. 13 (Korea Bizwire) — Trade Minister Cheong In-kyo visited Japan on Friday to meet his Japanese counterpart and discuss ways to expand bilateral economic cooperation amid global business uncertainties, Seoul’s trade ministry said Friday. Cheong held the meeting with Vice Minister for International Affairs Takehiko Matsuo in Tokyo to share opinions on achieving [...]
SEOUL, Dec. 13 (Korea Bizwire) – Coupang announced on December 12 the launch of a “Safety Mark” system to help customers identify official communications from the company and prevent phishing scams. The Safety Mark will appear on text messages sent from Coupang’s official customer service number (1577-7011) and includes the company’s logo, a shield symbol [...]
SEOUL, Dec. 13 (Korea Bizwire) – South Korea’s construction workforce is aging rapidly, with the average age of construction professionals exceeding 51, up from 38.1 in 2004, according to a report released on Thursday by the Korea Research Institute for Construction Industry (KRCI). The increase of 13 years over two decades highlights a significant demographic shift [...]